<SEC-DOCUMENT>0001214659-22-008874.txt : 20220715
<SEC-HEADER>0001214659-22-008874.hdr.sgml : 20220715
<ACCEPTANCE-DATETIME>20220715115536
ACCESSION NUMBER:		0001214659-22-008874
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220715
DATE AS OF CHANGE:		20220715
EFFECTIVENESS DATE:		20220715

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MONRO, INC.
		CENTRAL INDEX KEY:			0000876427
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
		IRS NUMBER:				160838627
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0326

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19357
		FILM NUMBER:		221084872

	BUSINESS ADDRESS:	
		STREET 1:		200 HOLLEDER PKWY
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14615-3808
		BUSINESS PHONE:		5856476400

	MAIL ADDRESS:	
		STREET 1:		200 HOLLEDER PKWY
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14615-3808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONRO MUFFLER BRAKE INC
		DATE OF NAME CHANGE:	19930328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ides Capital Management, LP
		CENTRAL INDEX KEY:			0001670429
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		165 W 66TH STREET
		STREET 2:		#21EF
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10023
		BUSINESS PHONE:		917-432-7787

	MAIL ADDRESS:	
		STREET 1:		165 W 66TH STREET
		STREET 2:		#21EF
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10023
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>b715220px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>240.14a-103 Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. Securities and Exchange Commission, Washington
DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REGISTRANT: Monro, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF PERSON RELYING ON EXEMPTION: Ides Capital Management LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADDRESS OF PERSON RELYING ON EXEMPTION: 3 Columbus Circle, Suite 1636,
New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="ides_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On July 14, 2022, Ides Capital Management
LP sent a letter to Monro&rsquo;s Board of Directors included herein in its entirety. In the letter, Ides Capital stated &ldquo;<FONT STYLE="background-color: white">we
believe that Monro&rsquo;s long-suffering shareholders would send a strong message to the Board by withholding their support from each
one of the five directors up for election at this year&rsquo;s Annual Meeting.&rdquo; Accordingly, and for the myriad reasons outlined
in our letter to the Board, we encourage Monro&rsquo;s shareholders to <B><U>VOTE NO AND WITHHOLD SUPPORT FROM ALL FIVE INCUMBENT DIRECTORS</U></B>
up for election at the upcoming annual meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>This is not a solicitation of authority to
vote your proxy. Please DO NOT send us your proxy card.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card; Ides Capital Management LP is not able to vote your proxies, nor does this communication contemplate such
an event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ides Capital Sends Letter to Monro Board of
Directors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Believes Board&rsquo;s Unwillingness to Act
in Response to &ldquo;Overwhelming Support&rdquo; from Shareholders for Ides&rsquo; Proposal to Remove Dual Class Structure Demonstrates
Deeply Broken Corporate Governance </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Company&rsquo;s Proxy Language Suggests Class
C Preferred Shareholder Stands at Odds with Board Undertaking Actions to Benefit Long-Suffering Common Shareholders </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Independent Directors Should Create a Formal
Strategic Committee or Tender Resignations if Unable to Effectuate the Will of Shareholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>New York </B>&ndash; July 14, 2022 &ndash; Ides Capital Management,
LP (together with its affiliates, &ldquo;Ides&rdquo;) is <FONT STYLE="color: #222222; background-color: white">a New York-based investment
advisor that engages with corporate boards and management teams to drive long-term shareholder value, sustainable change and inclusive
outcomes at small and mid-capitalization publicly traded companies. </FONT>Ides, a long-term shareholder of Monro, Inc. (&ldquo;Monro&rdquo;
or the &ldquo;Company&rdquo;) (NASDAQ: MRNO) today sent a letter to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full text of the letter is below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 14, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors of Monro, Inc.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ides Capital Management LP (&ldquo;Ides&rdquo;) is <FONT STYLE="color: #222222; background-color: white">a
New York-based investment advisor that engages with corporate boards and management teams to drive long-term shareholder value, sustainable
change and inclusive outcomes at small and mid-capitalization publicly traded companies.&nbsp;Ides, together with its affiliates, has
been a shareholder of Monro, Inc. (&ldquo;Monro&rdquo;) since June 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are writing to you today in light of Monro&rsquo;s
July 7 issuance of its 2022 Proxy Statement. More specifically, we write with respect to the passage titled &ldquo;Board Response to Shareholder
Proposal Regarding Recapitalization Plan&rdquo; which can be found on page 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As a reminder, last year Ides Capital submitted
a shareholder proposal that appeared in the Company&rsquo;s 2021 Proxy Statement, copied here:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.7pt; background-color: white">Shareholders request that our Board
take all practicable steps in its control to initiate and adopt a recapitalization plan for all outstanding classes of stock to have one
vote per share in each voting situation and eliminate any veto power held by one class of stock over the voting power of another class
of stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We underscore, and the Company itself acknowledges,
that 88% of Monro&rsquo;s voting common shareholders supported Ides&rsquo; proposal, making it one of the most widely supported shareholder
proposals of the entire 2021 proxy season. Despite this &ldquo;overwhelming support&rdquo;, the Holder of the Class C Preferred vetoed
the indisputable will of Monro&rsquo;s common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On one hand, we were admittedly surprised
to learn that upon the heels of immense shareholder support for Ides&rsquo; proposal, independent members of Monro&rsquo;s Board spoke
with shareholders representing more than 50% ownership in Monro to hear their perspectives on the Company&rsquo;s retrograde governance
structure. Our surprise stems from the Board&rsquo;s seemingly overarching disregard for shareholders&rsquo; interests against a backdrop
of significant management turnover, often dissatisfied stakeholders and Monro&rsquo;s long-term underperformance. To be clear, Monro&rsquo;s
stock has undoubtedly been a meaningful underperformer for short-term mid-term, and long-term owners. While Ides has earned a market-beating
rate of return in our investment in the Company, that is only due to our flexibility to implement a disciplined position sizing strategy
around exceptionally strict valuation parameters. We doubt many other long-term owners in Monro have been so fortunate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On the other hand, we were extremely displeased
though far from surprised, to concurrently learn that the Board is unprepared, or perhaps believes it is unable, to take action to unwind
Monro&rsquo;s dual class structure. In support of its decision, the Board cites a number of paper-thin excuses, including &ldquo;<FONT STYLE="background-color: white">the
likely significant consideration required to be paid to obtain the requisite consent of the holders of the Class&nbsp;C Preferred Stock.&rdquo;</FONT>
We can infer from this statement that the Class C Preferred Holder has potentially sought an inordinate benefit for his shares notwithstanding
Monro&rsquo;s persistent underperformance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is not a solicitation of authority to vote
your proxy. <U>Please DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication
contemplate such an event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Despite their mutual ownership in a serial
underperformer, the Holder of the Class C Preferred is not similarly situated to Monro&rsquo;s common shareholders. Unlike other Monro
investors, the Holder of the Class C Preferred has potentially had considerable control over the Company&rsquo;s fortunes or, more accurately,
failures. As a director since Monro&rsquo;s IPO, he, at a minimum, shares in the accountability. Accordingly, Monro&rsquo;s long-term
failures might most appropriately be placed soundly at his feet. Nevertheless, this scenario of potentially disproportionate control in
combination with the existence of the Preferred shares in no way relieves Monro&rsquo;s other directors of their fiduciary duties to the
Company and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">The
Board&rsquo;s failure to act is par for the course for what we view to be a genuine country club approach to governance, and casts the
recent shareholder outreach into the more appropriate light of a smoke and mirrors exercise to create a bare minimum fa&ccedil;ade of
accountability to the 98% economic owners of Monro who merely hold common shares. Monro&rsquo;s common shareholders are, in fact, truly
second-class citizens at the Company. They have been robbed &ndash; in reality, no longer theoretically &ndash; of their vote and, to
add insult to injury, have paid the hefty price of long-term underperformance to garner seemingly no representation within the boardroom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">We profoundly
disagree that the Board, in the face of overwhelming shareholder support for the elimination of Monro&rsquo;s corporate golden share,
has no options at its disposal. On the contrary, Ides strongly believes that the Board does indeed have alternatives that it must consider
without delay, including the following two courses of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">First,
the Board should immediately create a formal strategic review committee. Ides is aware that parties have attempted to approach the Company
to express their interest, only to be rebuked, told the Company is not for sale, and sent on their way. Given the long-term underperformance
at Monro, we fail to understand how the Board is comfortable shunning what are almost certainly better alternatives for common shareholders.
Critically, we note that Monro trades at an approximate 30% discount to its public peers and trades at a commensurate if not even more
meaningful discount to premiums paid by buyers of similar businesses. If, through the Company&rsquo;s recent proxy statement, the Board
is somehow indicating that the Class C Preferred Holder has demanded a control premium so onerous as to significantly collapse these valuation
spreads, then the Board has had an obligation to report this material fact to its investors and the market. Its failure to do so thus
far, along with its failure to consider strategic alternatives and approaches, constitutes a potentially patent disregard of both the
Board&rsquo;s fiduciary obligations to its common shareholders as well its obligations under the SEC&rsquo;s disclosure regime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Second,
if the Board feels it is not only unable to undertake the recapitalization shareholders clearly want but is equally unprepared to commence
a strategic process due to the aforementioned obstinance, Monro&rsquo;s independent directors could immediately submit notices of resignation
in light of their inability to act as effective agents for common shareholders. This drastic step would be, as we see it, the only remaining
course of action available to Monro directors who wish to retain any semblance of credibility as reliable shareholder representatives
and corporate fiduciaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">After
a career which includes the majority-ownership stake sale of his namesake investment bank to Natixis, we are aghast that the Class C Preferred
Holder&rsquo;s avarice would extend to seeking potentially exorbitant rewards against the backdrop of the long-term underperformance endured
by common shareholders who own 98% of the economic interests in Monro without the benefit of a seat at the table. We will be equally aghast
if other members of Monro&rsquo;s Board choose to fall on their swords by accompanying the Class C Preferred Holder down this path of
entrenchment and self-enrichment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is not a solicitation of authority to vote
your proxy. <U>Please DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication
contemplate such an event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Finally,
we believe that Monro&rsquo;s long-suffering shareholders would send a strong message to the Board by withholding their support from each
one of the five directors up for election at this year&rsquo;s Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">We conclude
by reminding the Class C Preferred Holder that a fiduciary&rsquo;s duty to his shareholders is never subordinated by other interests,
including Preferred ownership interests. We further remind Monro&rsquo;s full Board that when corporate stakeholders do well, shareholders
do well and so the fact remains: &ldquo;if you&rsquo;re after getting the honey, then you don&rsquo;t go killing all the bees.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Regards,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dianne K. McKeever</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing Member, Cofounder and Chief Investment Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Ides Capital Management </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ides Capital Management LP is <FONT STYLE="color: #222222; background-color: white">a
New York-based activist investment advisor that engages with corporate boards and management teams to drive long-term shareholder value,
sustainable change and inclusive outcomes at small and mid-capitalization publicly traded companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Longacre Square Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dan Zacchei / Joe Germani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">dzacchei@longacresquare.com
<FONT STYLE="font-size: 10pt">/ </FONT>jgermani@longacresquare.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 50%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The views expressed are those of the authors and Ides Capital Management
LP as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to
be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed
as a research report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is not a solicitation of authority to vote
your proxy. <U>Please DO NOT send us your proxy card</U>; the Proponent is not able to vote your proxies, nor does this communication
contemplate such an event.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #4472C4">4</FONT></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
